Bill
SB 1694
Overview: SB 1694 - TIF-DEVELOPER LOT INITIAL EAVPurpose and Intent: This bill aims to address the initial equalized assessed valuation (EAV) of developer-owned lots within a tax i
Overview: SB 1694 - TIF-DEVELOPER LOT INITIAL EAV
Purpose and Intent: This bill aims to address the initial equalized assessed valuation (EAV) of developer-owned lots within a tax increment financing (TIF) district. The goal is to provide clarity and consistency in the way the initial EAV is determined for these types of properties.
Key Provisions:
- Specifies that the initial EAV for developer-owned lots within a TIF district shall be the EAV of the property as of the date the TIF district was established.
- Requires the initial EAV to be adjusted annually based on the percentage change in the EAV of all other properties within the TIF district.
- Prohibits the initial EAV of developer-owned lots from being reduced below the original EAV, even if the overall EAV of the TIF district decreases.
Affected Parties and Impacts:
- Developers who own property within TIF districts, as the bill will impact the way their initial EAV is calculated and adjusted over time.
- Local governments that establish TIF districts, as the bill will provide more consistent and predictable rules for determining the initial EAV of developer-owned lots.
- Taxpayers within TIF districts, as the bill's provisions may affect the amount of tax increment revenue generated and how it is distributed.
Procedural and Timeline Considerations:
The bill has been re-referred to the Assignments committee for further consideration. If passed, the new rules for determining the initial EAV of developer-owned lots within TIF districts would apply to all TIF districts established on or after the effective date of the bill.
Compiled from official sources — confirm details with the bill’s official record.
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